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Accelerator Pack – Product Catalogue Page 1 of 15
ORACLE
FINANCIAL SERVICES
ORACLE FLEXCUBE Accelerator Pack 12.4 – Product Catalogue
Islamic Term Deposits
Accelerator Pack – Product Catalogue Page 2 of 15
Table of Contents
Overview & Objective ...................................................................................................................................................... 3
Product catalogue ............................................................................................................................................................ 4
1 Mudarabah Term Deposit ................................................................................................................................. 4
1.1 Business Scenario .............................................................................................................................................. 4
1.2 Synopsis ............................................................................................................................................................. 4
1.3 Detailed Coverage ............................................................................................................................................. 4
1.4 Account class – IATDFX ..................................................................................................................................... 4
1.5 Rule Coverage - IPTD ......................................................................................................................................... 5
1.6 Product – IPTD................................................................................................................................................... 6
1.7 Additional Information ...................................................................................................................................... 6
2 Mudarabah Term Deposit with Sweep .......................................................................................................... 7
2.1 Business Scenario .............................................................................................................................................. 7
2.2 Synopsis ............................................................................................................................................................. 7
2.3 Detailed Coverage ............................................................................................................................................. 7
2.4 Account class – ISWPTD .................................................................................................................................... 7
2.5 Rule Coverage - IPTD ......................................................................................................................................... 8
2.6 Product – IPTD................................................................................................................................................... 9
2.7 Additional Information ...................................................................................................................................... 9
3 Islamic Term Deposit – with rate chart allowed ....................................................................................... 10
3.1 Business Scenario ............................................................................................................................................ 10
3.2 Synopsis ........................................................................................................................................................... 10
3.3 Detailed Coverage ........................................................................................................................................... 10
3.4 Account class - IATDFL .................................................................................................................................... 11
3.5 Rule coverage - IPFL ........................................................................................................................................ 11
3.6 Product – IPFL ................................................................................................................................................. 12
3.7 Additional Information .................................................................................................................................... 12
4 Islamic Term Deposit – Other maintenances ............................................................................................ 13
4.1 Pay-in parameter maintenance ...................................................................................................................... 13
4.2 Close mode for TD ........................................................................................................................................... 13
4.3 UDF maintenance ............................................................................................................................................ 13
4.4 Islamic weight maintenance ........................................................................................................................... 13
4.5 MIS class code maintenance ........................................................................................................................... 14
Accelerator Pack – Product Catalogue Page 3 of 15
Overview & Objective
Islamic Deposit is based on the Shariah contract of Mudarabah. In Mudarabah, interest is not paid, instead
profits will be shared. This is similar to how venture capitalists invest in companies. They take a percentage
stake of the company in return for capital. All management resides with the startup / Mudarib. It provides
higher profit rate compared to normal saving account.
Islamic Term deposit module of FLEXCUBE supports processing of products like,
o Normal term Deposits
o Mudarabah Deposits
Options available to automate periodic processes such as :
o Accrual of term deposits
o Liquidation of term deposits on liquidation frequency defined
o Profit rate update to accounts after PDM
o Generation of advices
o Maturity processing and transfer of proceeds
Different types of profit products are supported like, Fixed and Floating rates.
Accelerator Pack – Product Catalogue Page 4 of 15
Product catalogue
1 Mudarabah Term Deposit
This Mudarabah deposit has all the basic features that are needed for a retail customer to open a
deposit account. Each account which is a part of this offering contributes its balance maintained to
a Fund in order to get the profit.
1.1 Business Scenario
It allows opening Investment deposits accounts for a fixed period of time or term and is governed
by the Mudarabah contract with the bank.
Target audience / Beneficiaries: Individuals who wants to open an investment deposit account.
1.2 Synopsis
o Booking of deposit with fixed amount for fixed period
o Withdrawal is allowed before the end of the deposit term
o Profit sharing weightages are assigned based on the tenors, deposited amount and
profit payout period
o Cash reserve ratio is allowed
1.3 Detailed Coverage
o Accounts can be opened in GBP & KWD currency’s, as configured at IC product
o Deposits opened under this account class will, by default, have
Tenor as 5 months
Mudarabah profit rate of 10%
Maximum tenor of 5 years
Cash reserve ratio of 20%
Defer liquidation of 6 days
o Fund ID maintained for profit distribution
o Account will get closed on maturity
o Month end deposit is supported
o Maturity date will be adjusted to previous working day based on holiday treatment
o Deposits contribute in profit and profit will be paid out on defer liquidation days
1.4 Account class – IATDFX
Account Class –> Preferences
Account Type Deposits
Profit Charges Yes
Track Accrued Profit Yes
Profit Calculation Balance Basis Monthly average balance
Mudarabah Fund Id IAFD10042
Exclude from Distribution No
Cash Reserve Ratio 20
Accelerator Pack – Product Catalogue Page 5 of 15
Account Class –> Deposits Account Details
Rollover No
Close On Maturity Yes
Allow Partial Liquidation Yes
Allow Partial Liquidation with Amount Block
Yes
Move Profit To Unclaimed No
Move Principal to Unclaimed No
Month end maturing deposit Yes
Repick account class tenor on rollover No
Rate Chart Allowed No
Holiday Calendar Branch holiday
Holiday Movement Previous working day
Movement across months Previous / next working day of same month
Month end deposit Yes
Adhoc holiday Generate advice
Applicable deposit tenor Original tenor
Profit sharing Yes
Minimum tenor 3 months
Default tenor 5 months
Maximum tenor 5 years
1.5 Rule Coverage - IPTD
IC Rule Features
SDE’s DEPOSIT_AMOUNT, DAYS, YEAR
UDE MUDARABAH_RATE
Rule Definition
Formula No Accrual Type Condition Result
1 Yes Book DEPOSIT_AMOUNT>0
(DEPOSIT_AMOUNT*DAYS*MUDARABAH_RATE)/(YEAR*100)
Account Class –> Deposits amount currency wise limits Currency Min amount Max amount
GBP 5000 50000000
KWD 1000 70000000
Accelerator Pack – Product Catalogue Page 6 of 15
1.6 Product – IPTD
Product Features
Product Code IPTD
Description Fixed rate TD
Product Type Profit
Product Group IP
Product group description Profit and Charges
Deposit Y
Booking account type Profit
IC Rule IPTD
IC Rule description Deposit simple interest
Product Preference
Product Level Yes
Accrual Frequency Monthly
Payment Method Bearing
Liquidation cycle 3 months
Defer Liquidation Yes
Defer liquidation days 6
Liquidation at Month ends Yes
Back Value Recalculation Flag Yes
Start from account Opening No
Account Classes Mapping Account
class Currency
Special condition only
Rate change on profit Liquidation
Rate change on Rollover
Continue Variance on rollover
IATDFX GBP Yes No No No
IATDFX KWD Yes No No No
1.7 Additional Information
o Weight maintenance is done for Mudarabah fund id and Mudarib fee of 10% is
maintained
o Profit GL’s are maintained for the fund id
Accelerator Pack – Product Catalogue Page 7 of 15
2 Mudarabah Term Deposit with Sweep
This Mudarabah deposit has all the basic features that are needed for a retail customer to open
a deposit account. Each account which is a part of this offering contributes its balance
maintained to a Fund in order to get the profit. The Sweep parameters when enabled facilitates
customer to use the TD account as Cover account for CASA account and if the balance
available in the linked CASA account is less than the debit amount, then it breaks the deposits
booked and sweeps in money to savings account.
2.1 Business Scenario
It allows opening Investment deposits accounts for a fixed period of time or term and is governed
by the Mudarabah contract with the bank.
Target audience / Beneficiaries: Individuals who wants to open an investment deposit account.
2.2 Synopsis
o Booking of deposit with fixed amount for fixed period
o Withdrawal is allowed before the end of the deposit term
o Sweep parameters sweep-in and reverse sweep-in are enabled at account class.
o Profit sharing weightages are assigned based on the tenors, deposited amount and
profit payout period
o Cash reserve ratio is allowed
2.3 Detailed Coverage
o Accounts can be opened in GBP & KWD currency’s, as configured at IC product
o Deposits opened under this account class will, by default, have
Tenor as 5 months
Mudarabah profit rate of 10%
Maximum tenor of 5 years
Cash reserve ratio of 20%
Defer liquidation of 6 days
o Fund ID maintained for profit distribution
o Account will get closed on maturity
o Month end deposit is supported
o Maturity date will be adjusted to previous working day based on holiday treatment
o Deposits contribute in profit and profit will be paid out on defer liquidation days
2.4 Account class – ISWPTD
Account Class –> Preferences
Account Type Deposits
Profit Charges Yes
Track Accrued Profit Yes
Profit Calculation Balance Basis Monthly average balance
Mudarabah Fund Id IAFD10042
Exclude from Distribution No
Accelerator Pack – Product Catalogue Page 8 of 15
Cash Reserve Ratio 20
Account Class –> Deposits Account Details
Rollover No
Close On Maturity Yes
Allow Partial Liquidation Yes
Allow Partial Liquidation with Amount Block
Yes
Move Profit To Unclaimed No
Move Principal to Unclaimed No
Month end maturing deposit Yes
Repick account class tenor on rollover No
Rate Chart Allowed No
Holiday Calendar Branch holiday
Holiday Movement Previous working day
Movement across months Previous / next working day of same month
Month end deposit Yes
Sweep Functionality Yes
Adhoc holiday Generate advice
Applicable deposit tenor Original tenor
Profit sharing Yes
Minimum tenor 3 months
Default tenor 5 months
Maximum tenor 5 years
2.5 Rule Coverage - IPTD
IC Rule Features
SDE’s DEPOSIT_AMOUNT, DAYS, YEAR
UDE MUDARABAH_RATE
Rule Definition
Formula No Accrual Type Condition Result
1 Yes Book DEPOSIT_AMOUNT>0
(DEPOSIT_AMOUNT*DAYS*MUDARABAH_RATE)/(YEAR*100)
Account Class –> Deposits amount currency wise limits Currency Min amount Max amount
GBP 5000 50000000
KWD 1000 70000000
Accelerator Pack – Product Catalogue Page 9 of 15
2.6 Product – IPTD
Product Features
Product Code IPTD
Description Fixed rate TD
Product Type Profit
Product Group IP
Product group description Profit and Charges
Deposit Y
Booking account type Profit
IC Rule IPTD
IC Rule description Deposit simple interest
Product Preference
Product Level Yes
Accrual Frequency Monthly
Payment Method Bearing
Liquidation cycle 3 months
Defer Liquidation Yes
Defer liquidation days 6
Liquidation at Month ends Yes
Back Value Recalculation Flag Yes
Start from account Opening No
Account Classes Mapping Account
class Currency
Special condition only
Rate change on profit Liquidation
Rate change on Rollover
Continue Variance on rollover
IATDFX GBP Yes No No No
IATDFX KWD Yes No No No
2.7 Additional Information
o Weight maintenance is done for Mudarabah fund id and Mudarib fee of 10% is
maintained
o Profit GL’s are maintained for the fund id
o Sweep in is enabled at ISWPIN account class
Accelerator Pack – Product Catalogue Page 10 of 15
3 Islamic Term Deposit – with rate chart allowed
This floating rate deposit has all the basic features that are needed for a retail customer to open a
deposit account. Profit rate is applied to deposits based on LDMM rate chart defined. Deposits
under this offering don’t contribute to profit sharing. Profits are paid to depositors based on the rate
chart defined based on account class, currency and tenor combination.
3.1 Business Scenario
Depositors would enjoy variable profit rates for fixed period of time.
Target audience / Beneficiaries: Individuals or corporate who wants to open deposit account.
3.2 Synopsis
o Withdrawal is allowed before the end of the deposit term
o Depositors will get returns on their investments
o Rollover with different tenor is supported
o Month end deposit is supported
o Profit applicability based on LDMM rate chart
3.3 Detailed Coverage
o Deposit can be opened in GBP, KWD and EUR currencies, as configured at IC product
o Deposits opened under this account class will, by default, have:
Tenor as 3 months
Rolled over on maturity date
Profit sharing as No
Rate chart allowed as Yes
o Account can be rolled over on maturity date with principal amount or principal + profit
based on user instructions
o Term Deposit Certificate generation as instrument is supported
o Maturity date will be adjusted to next working day automatically based on the holiday
treatment defined
o Continue variance on rollover is allowed
o TD rate codes – ISTDPFTGBP, ISTDPFTEUR and ISTDPFTKWD are maintained
and attached to profit rate UDE, MUDARABAH_RATE
o Profit will be applied to deposits based on the rate chart tenor in months, as
configured at account class
Accelerator Pack – Product Catalogue Page 11 of 15
3.4 Account class - IATDFL
Account Class –> Preferences
Account Type Deposits
Profit Charges Yes
Track Accrued Profit Yes
Profit Calculation Balance Basis NA
Mudarabah Fund Id No
Exclude from Distribution No
Account Class –> Deposits Account Details
Rollover Yes
Close On Maturity No
Allow Partial Liquidation Yes
Allow Partial Liquidation with Amount Block
Yes
Move Profit to Unclaimed No
Move Principal to Unclaimed No
Repick account class tenor on rollover Yes
Month end maturing deposit Yes
Rate Chart Allowed Yes
Rate chart tenor Months
Holiday Calendar Both branch and currency holiday
Holiday Movement Next working day
Movement across months Allowed
Adhoc holiday Change maturity date and advice
Applicable deposit tenor Deposit tenor
Profit sharing No
Minimum tenor 1 month
Default tenor 3 months
Maximum tenor 10 years
3.5 Rule coverage - IPFL
IC Rule Features
SDE’s DEPOSIT_AMOUNT, DAYS, YEAR
UDE MUDARABAH_RATE(UDE type – Rate code as rate)
Account Class –> Deposits amount currency wise limits Currency Min amount Max amount
GBP 5000 50000000
EUR 1000 95000000
KWD 500 70000000
Accelerator Pack – Product Catalogue Page 12 of 15
Rule Definition
Formula No Accrual Type Condition Result
1 Yes Book DEPOSIT_AMOUNT>0
(DEPOSIT_AMOUNT*DAYS*MUDARABAH_RATE)/(YEAR*100)
3.6 Product – IPFL
Product Features
Product Code IPFL
Description Rate chart allowed deposit
Product Type Profit
Product Group IP
Product group description Profit and Charges
Deposit Y
Booking account type Profit
IC Rule IPFL
IC Rule description Rate chart allowed deposit
Product Preference
Product Level Yes
Accrual Frequency Daily
Payment Method Bearing
Liquidation cycle 1 month
Defer Liquidation Yes
Defer liquidation days 6
Liquidation at Month ends Yes
Back Value Recalculation Flag Yes
Start from account Opening No
Account Classes Mapping Account
class Currency
Special condition only
Rate change on profit Liquidation
Rate change on Rollover
Continue Variance on rollover
IATDFL GBP Yes No Yes Yes
IATDFL ITDFR
KWD Yes No Yes Yes
IATDFL ITDFR
EUR Yes No Yes No
3.7 Additional Information
o Issuer code TDDP is maintained and attached to stock catalog code
o Stock Catalog code TDCERT is maintained
Accelerator Pack – Product Catalogue Page 13 of 15
4 Islamic Term Deposit – Other maintenances
Various maintenances to be done for TD are listed in this section.
4.1 Pay-in parameter maintenance
In case of pay-in through GL or Cash, the general ledger code needs to be maintained in pay-in
parameters screen. It is mandatory in case pay-in to term deposits is done through GL or cash.
The following pay-in types have been maintained
4.2 Close mode for TD
Close mode needs to be maintained, in case premature redemption of deposit accounts. In case
of premature redemption through modes like account, GL, the product maintained at the close
mode is used for processing the redemption. Following are the close modes maintained
Close mode Product
FT FTRQ
GL TDRG
4.3 UDF maintenance
UDF’s – ISTDUDF1 and ISTDUDF2 are attached to TD account creation screen.
4.4 Islamic weight maintenance
Islamic weights need to be maintained to apply profit rate on the entire investment to fund id
based on weightage. Weightage is defined for amount, tenor and profit payout frequency
combination. On profit distribution on defer liquidation days, weights are applied on investment
and individual profit is arrived. Following is the weight maintenance done for term deposit
account classes IATDFX & ISWPTD and fund id IAFD10042 combination,
Value Category Tenor Category PPO category
Amount slab Weight Tenor TD Weight Days Months Years Weight
10000 50 1 60 0 1 0 50
25000 55 2 65 0 3 0 55
50000 60 3 70 0 2 0 60
100000 65 5 75 0 4 0 66
350000 75 6 80 0 5 0 67
99999999 85 9 85 0 6 0 70
99 95 0 12 0 75
Branch Code GL Code Pay-in option
001 261300005 General ledger
001 261300004 Cash
Accelerator Pack – Product Catalogue Page 14 of 15
4.5 MIS class code maintenance
MIS class code needs to be maintained and captured during funding the profit GL. MIS class
code, FUND Id is maintained and the fund ID, is attached to the class code.
Accelerator Pack – Product Catalogue Page 15 of 15
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